Ethereum found support near the $1,520 area against the US Dollar. ETH is attempting an upside correction and a strong move towards $1,800 is likely.
- Ethereum continued to bid well above the $1,520 level and corrected above the $1,600 level.
- The price is now trading below $1,650 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear move above the $1,650 resistance level, the pair could start a decent rise.
Ethereum price hit
Ethereum found support near the $1,520 area. ETH bears made two attempts to push the price below the $1,520 support level, but the bulls remained active.
A base was formed near $1,520 and the price started a decent rise. There is a move above the $1,580 and $1,600 levels. Ether price also climbed above the 23.6% Fib retracement level of the decline from the $1,880 high to $1,524 low.
It is now trading below $1,650 and the 100 hourly simple moving average. An immediate upside resistance is near the $1,650 level. There is also a major bearish trend line forming with resistance near $1,625 on the hourly chart of ETH/USD.
The first major resistance is now forming near the $1,700 level. It is near the 50% Fib retracement level of the downside trade from the $1,880 high to $1,524 low. A clear move above the $1,700 level could propel the price higher.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,800 level. A clear move above the $1,800 resistance could also push the price above the $1,850 resistance area.
More losses in ETH?
If Ethereum fails to rise above the $1,650 resistance, it could continue with a downside move. An initial support on the downside is near the $1,560 area.
The next major support is near the $1,520 level, below which Ether price could decline. In the alleged case, the price might drop to the level of $1,480. Any further losses could potentially open the door for a move towards the $1,465 level.
technical indicators
hourly macd , The MACD for ETH/USD is now gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now above the 50 level.
Key Support Level – $1,525
Key Resistance Level – $1,650